By XIAO Fang
Tech giant ByteDance's VR subsidiary, Pico, is cutting back operations and reducing its workforce. Sales targets have been lowered and its focus has now shifted to user retention, sure signs of a business on the slide.
Sackings have been non-stop this year, with limited internal reassignment opportunities. Pico's workforce of over 2,000 has been halved, and ambitious expansion strategies are all but forgotten.
Pico boss REN Lifeng, is “on leave,” his unit has been sacked, and he’ll be gone by the end of the year.
Domestic VR sales have been appalling this year, and Pico is running for cover. The firm's 4 Pro last year was an outright disaster with losses increasing with every unit sold. China's entire AR/VR headset shipments are down by almost half. Pico holds the lion's share at 58.7 percent, but the overall industry is struggling.
ByteDance's commitment to Pico's future remains uncertain, with reports hinting at divestment. Though the company denied rumors.
Pico maintains that it will continue normal operations and invest in technology.
